Identifying Marketplace Trends
Things change. There is just no way around it. Successful businesses change with the market. Those who do not embrace change often fail. By understanding change and embracing it, you can drive your company to higher levels of success.
Although it is important to look forward, it also is important to understand what has happened in your market and your geographical area during the last 15 to 20 years. Has the market changed? How have market trends affected businesses like yours? If you offer a single product or service, you must be aware of any possible technological changes—no matter how remote—that could literally put you out of business overnight.
For example, consider a manufacturer who makes cassette ...